Reporting requirements of bank accounts in foreign countries
We would like to draw your attention to the amendment of ‘ART’ (rules of Taxation). The most
important change that effective from 01/01/2018 all companies have to report all their bank
accounts opened abroad to the Hungarian Tax Authority (together with the name of the
bank and opening date of the account) until 01/31/2018.
Later, if there is any change in the bank account details, it has to be reported within 15 days of
the change.
Failure of this reporting obligation would bring penalty.
For further details please see Act CL. of 2017 (new ’ART’ – rules of Taxation), Appendix 1,
and transitional provisions (271.§. (16))